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Corporations Code - CORP - CORP § 5240
Corporations Code - CORP - CORP § 5240
(a) This section applies to all assets held by the corporation for investment. Assets which are directly related to the corporation’s public or charitable programs are not subject to this section. (b) Except as provided in subdivision (c), in investing, reinvesting, purchasing, a
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Corporations Code - CORP - CORP § 5241
Corporations Code - CORP - CORP § 5241
Nothing in Section 5240 shall abrogate or restrict the power of the appropriate court in proper cases to direct or permit a corporation to deviate from the terms of a trust or agreement regarding the making or retention of investments. Notice of such action or proceeding shall be
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Corporations Code - CORP - CORP § 5250
Corporations Code - CORP - CORP § 5250
A corporation is subject at all times to examination by the Attorney General, on behalf of the state, to ascertain the condition of its affairs and to what extent, if at all, it fails to comply with trusts which it has assumed or has departed from the purposes for which it is for
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Corporations Code - CORP - CORP § 5260
Corporations Code - CORP - CORP § 5260
Notwithstanding any other law, every corporation, during any period or periods that corporation is deemed to be a “private foundation” as defined in Section 509 of the Internal Revenue Code of 1986, shall distribute its income for each taxable year (and principal, if necessary) a
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Corporations Code - CORP - CORP § 5310
Corporations Code - CORP - CORP § 5310
(a) A corporation may admit persons to membership, as provided in its articles or bylaws, or may provide in its articles or bylaws that it shall have no members. In the absence of any provision in its articles or bylaws providing for members, a corporation shall have no members.
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Corporations Code - CORP - CORP § 5311
Corporations Code - CORP - CORP § 5311
Subject to the articles or bylaws, memberships may be issued by a corporation for no consideration or for such consideration as is determined by the board.
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Corporations Code - CORP - CORP § 5312
Corporations Code - CORP - CORP § 5312
No person may hold more than one membership, and no fractional memberships may be held, provided, however, that: (a) Two or more persons may have an indivisible interest in a single membership when authorized by, and in such manner or under the circumstances prescribed by, the ar
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Corporations Code - CORP - CORP § 5313
Corporations Code - CORP - CORP § 5313
Except as provided in its articles or bylaws, a corporation may admit any person to membership.
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Corporations Code - CORP - CORP § 5320
Corporations Code - CORP - CORP § 5320
(a) Subject to Section 5613, and unless otherwise provided in the corporation’s articles or bylaws: (1) No member may transfer a membership or any right arising therefrom. (2) All rights of membership cease upon the member’s death or dissolution. (b) Notwithstanding subdivision (
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Corporations Code - CORP - CORP § 5330
Corporations Code - CORP - CORP § 5330
A corporation may issue memberships having different rights, privileges, preferences, restrictions or conditions, as authorized by its articles or bylaws.
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Corporations Code - CORP - CORP § 5331
Corporations Code - CORP - CORP § 5331
Except as provided in or authorized by the articles or bylaws, all memberships shall have the same rights, privileges, preferences, restrictions and conditions.
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Corporations Code - CORP - CORP § 5332
Corporations Code - CORP - CORP § 5332
(a) A corporation may refer to persons associated with it as “members” even though such persons are not members within the meaning of Section 5056; but references to members in this part mean members as defined in Section 5056. (b) A corporation may benefit, serve, or assist pers
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Corporations Code - CORP - CORP § 5340
Corporations Code - CORP - CORP § 5340
(a) A member may resign from membership at any time. (b) This section shall not relieve the resigning member from any obligation for charges incurred, services or benefits actually rendered, dues, assessments or fees, or arising from contract or otherwise, and this section shall
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Corporations Code - CORP - CORP § 5341
Corporations Code - CORP - CORP § 5341
(a) No member may be expelled or suspended, and no membership or membership rights may be terminated or suspended, except according to procedures satisfying the requirements of this section. An expulsion, termination or suspension not in accord with this section shall be void and
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Corporations Code - CORP - CORP § 5342
Corporations Code - CORP - CORP § 5342
(a) An amendment of the articles or bylaws which would terminate all memberships or any class of memberships shall meet the requirements of this part and this section. (b) Before such an amendment is adopted the corporation shall give written notice to members not less than 45 no
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Corporations Code - CORP - CORP § 5350
Corporations Code - CORP - CORP § 5350
(a) A member of a corporation is not, as such, personally liable for the debts, liabilities, or obligations of the corporation. (b) No person is liable for any obligation arising from membership unless the person was admitted to membership upon the person’s application or with th
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Corporations Code - CORP - CORP § 5351
Corporations Code - CORP - CORP § 5351
A corporation may levy dues, assessments or fees upon its members pursuant to its articles or bylaws, but a member upon learning of them may avoid liability for them by promptly resigning from membership, except where the member is, by contract or otherwise, liable for them. Arti
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Corporations Code - CORP - CORP § 5352
Corporations Code - CORP - CORP § 5352
(a) No action shall be brought by or on behalf of any creditor to reach and apply the liability, if any, of a member to the corporation to pay the amount due on such member’s membership or otherwise due to the corporation unless final judgment has been rendered in favor of the cr
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Corporations Code - CORP - CORP § 5353
Corporations Code - CORP - CORP § 5353
Nothing in this part shall be construed as in derogation of any rights or remedies which any creditor or member may have against any promoter, member, director, officer or the corporation because of participation in any fraud or illegality practiced upon such creditor or member b
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Corporations Code - CORP - CORP § 5354
Corporations Code - CORP - CORP § 5354
A person holding a membership as executor, administrator, guardian, trustee, receiver or in any representative or fiduciary capacity is not personally liable for any unpaid balance of the purchase price of the membership, or for any amounts owing to the corporation by the member,
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Corporations Code - CORP - CORP § 5410
Corporations Code - CORP - CORP § 5410
No corporation shall make any distribution. This section shall not apply to the purchase of a membership in a limited-equity housing cooperative, as defined in Section 33007.5 of the Health and Safety Code, which is organized as a public benefit corporation.
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Corporations Code - CORP - CORP § 5420
Corporations Code - CORP - CORP § 5420
(a) Any person who receives any distribution is liable to the corporation for the amount so received by such person with interest thereon at the legal rate on judgments until paid. (b) Suit may be brought in the name of a corporation by a creditor, a director, the Attorney Genera
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Corporations Code - CORP - CORP § 5510
Corporations Code - CORP - CORP § 5510
(a) Meetings of members may be held at a place within or without this state as may be stated in or fixed in accordance with the bylaws. If no other place is stated or so fixed, meetings of members shall be held at the principal office of the corporation. Subject to any limitation
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Corporations Code - CORP - CORP § 5511
Corporations Code - CORP - CORP § 5511
(a) Whenever members are required or permitted to take any action at a meeting, a written notice of the meeting shall be given not less than 10 nor more than 90 days before the date of the meeting to each member who, on the record date for notice of the meeting, is entitled to vo
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Corporations Code - CORP - CORP § 5512
Corporations Code - CORP - CORP § 5512
(a) One-third of the voting power, represented in person or by proxy, shall constitute a quorum at a meeting of members, but, subject to subdivisions (b) and (c), a bylaw may set a different quorum. Any bylaw amendment to increase the quorum may be adopted only by approval of the